By InvestMacro | COT | Data Tables | COT Leaders | Downloads | COT Newsletter
Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).
The latest COT data is updated through Tuesday May 31st and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.
Soft Commodities speculator bets were mostly lower again this week as only three out of the eleven softs markets we cover had higher positioning this week while the other eight markets had lower positions. Leading the gains for the soft commodities was Coffee (5,943 contracts) and Lean Hogs (1,859 contracts) with Cocoa (1,570 contracts) also showing a positive week. Meanwhile, leading the declines in speculator bets this week were Corn (-23,648 contracts) and Sugar (-7,807 contracts) with Soybean Oil (-4,455 contracts), Wheat (-4,035 contracts), Live Cattle (-3,207 contracts), Soybeans (-2,290 contracts), Cotton (-1,836 contracts) and Soybean Meal (-1,153 contracts) also coming in with lower bets on the week.
Strength scores (3-Year range of Speculator positions, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that most of the softs markets are above their midpoints (50 percent) for the past 3 years as the soft commodities have been highly bid and have had strong speculator sentiment.
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Strength score trends (or move index, that show 6-week changes in strength scores) shows that despite most of the softs markets having high speculator strength scores, there has been a cool-off for these markets over the past six weeks. Live cattle and lean hogs have seen the most weakness over the past six weeks followed by Cocoa and Soybean Meal.
| May-31-2022 | OI | OI-Index | Spec-Net | Spec-Index | Com-Net | COM-Index | Smalls-Net | Smalls-Index |
|---|---|---|---|---|---|---|---|---|
| WTI Crude | 1,787,928 | 9 | 332,976 | 10 | -373,761 | 91 | 40,785 | 72 |
| Gold | 513,722 | 18 | 172,589 | 5 | -200,056 | 95 | 27,467 | 32 |
| Silver | 147,301 | 14 | 13,997 | 15 | -23,861 | 99 | 9,864 | 6 |
| Copper | 189,923 | 19 | -18,025 | 29 | 15,425 | 70 | 2,600 | 40 |
| Palladium | 6,538 | 1 | -3,133 | 4 | 3,221 | 95 | -88 | 39 |
| Platinum | 67,964 | 35 | 2,363 | 7 | -6,501 | 96 | 4,138 | 20 |
| Natural Gas | 1,115,815 | 7 | -110,368 | 45 | 59,679 | 50 | 50,689 | 100 |
| Brent | 181,699 | 25 | -40,872 | 43 | 38,941 | 58 | 1,931 | 35 |
| Heating Oil | 349,618 | 31 | 6,455 | 52 | -32,434 | 37 | 25,979 | 88 |
| Soybeans | 753,373 | 34 | 186,078 | 71 | -158,757 | 34 | -27,321 | 25 |
| Corn | 1,564,217 | 32 | 404,200 | 82 | -353,348 | 22 | -50,852 | 14 |
| Coffee | 214,170 | 8 | 43,015 | 76 | -45,757 | 28 | 2,742 | 17 |
| Sugar | 848,463 | 11 | 201,680 | 78 | -240,752 | 23 | 39,072 | 56 |
| Wheat | 331,136 | 11 | 22,309 | 48 | -18,647 | 33 | -3,662 | 91 |
CORN Futures:
The CORN large speculator standing this week resulted in a net position of 404,200 contracts in the data reported through Tuesday. This was a weekly reduction of -23,648 contracts from the previous week which had a total of 427,848 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 81.7 percent. The commercials are Bearish with a score of 21.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 13.8 percent.
| CORN Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 35.3 | 42.1 | 9.0 |
| – Percent of Open Interest Shorts: | 9.4 | 64.6 | 12.2 |
| – Net Position: | 404,200 | -353,348 | -50,852 |
| – Gross Longs: | 551,849 | 657,849 | 140,307 |
| – Gross Shorts: | 147,649 | 1,011,197 | 191,159 |
| – Long to Short Ratio: | 3.7 to 1 | 0.7 to 1 | 0.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 81.7 | 21.6 | 13.8 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -12.3 | 14.6 | -3.7 |
SUGAR Futures:
The SUGAR large speculator standing this week resulted in a net position of 201,680 contracts in the data reported through Tuesday. This was a weekly decline of -7,807 contracts from the previous week which had a total of 209,487 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 78.1 percent. The commercials are Bearish with a score of 22.5 percent and the small traders (not shown in chart) are Bullish with a score of 56.2 percent.
| SUGAR Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 30.6 | 45.1 | 10.5 |
| – Percent of Open Interest Shorts: | 6.8 | 73.5 | 5.9 |
| – Net Position: | 201,680 | -240,752 | 39,072 |
| – Gross Longs: | 259,634 | 382,461 | 89,391 |
| – Gross Shorts: | 57,954 | 623,213 | 50,319 |
| – Long to Short Ratio: | 4.5 to 1 | 0.6 to 1 | 1.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 78.1 | 22.5 | 56.2 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -7.8 | 10.4 | -20.9 |
COFFEE Futures:
The COFFEE large speculator standing this week resulted in a net position of 43,015 contracts in the data reported through Tuesday. This was a weekly boost of 5,943 contracts from the previous week which had a total of 37,072 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 76.0 percent. The commercials are Bearish with a score of 27.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.4 percent.
| COFFEE Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 23.5 | 51.5 | 4.4 |
| – Percent of Open Interest Shorts: | 3.4 | 72.9 | 3.1 |
| – Net Position: | 43,015 | -45,757 | 2,742 |
| – Gross Longs: | 50,242 | 110,322 | 9,389 |
| – Gross Shorts: | 7,227 | 156,079 | 6,647 |
| – Long to Short Ratio: | 7.0 to 1 | 0.7 to 1 | 1.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 76.0 | 27.7 | 17.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 1.0 | -0.3 | -9.0 |
SOYBEANS Futures:
The SOYBEANS large speculator standing this week resulted in a net position of 186,078 contracts in the data reported through Tuesday. This was a weekly reduction of -2,290 contracts from the previous week which had a total of 188,368 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 70.9 percent. The commercials are Bearish with a score of 34.4 percent and the small traders (not shown in chart) are Bearish with a score of 24.9 percent.
| SOYBEANS Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 31.6 | 47.3 | 6.6 |
| – Percent of Open Interest Shorts: | 6.9 | 68.3 | 10.2 |
| – Net Position: | 186,078 | -158,757 | -27,321 |
| – Gross Longs: | 237,836 | 356,115 | 49,891 |
| – Gross Shorts: | 51,758 | 514,872 | 77,212 |
| – Long to Short Ratio: | 4.6 to 1 | 0.7 to 1 | 0.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 70.9 | 34.4 | 24.9 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -4.3 | 4.6 | -3.6 |
SOYBEAN OIL Futures:
The SOYBEAN OIL large speculator standing this week resulted in a net position of 75,041 contracts in the data reported through Tuesday. This was a weekly fall of -4,455 contracts from the previous week which had a total of 79,496 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 57.7 percent. The commercials are Bearish with a score of 40.2 percent and the small traders (not shown in chart) are Bullish with a score of 77.8 percent.
| SOYBEAN OIL Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 27.4 | 47.5 | 9.3 |
| – Percent of Open Interest Shorts: | 7.8 | 71.6 | 4.8 |
| – Net Position: | 75,041 | -92,287 | 17,246 |
| – Gross Longs: | 105,091 | 181,857 | 35,597 |
| – Gross Shorts: | 30,050 | 274,144 | 18,351 |
| – Long to Short Ratio: | 3.5 to 1 | 0.7 to 1 | 1.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 57.7 | 40.2 | 77.8 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -19.3 | 21.0 | -18.4 |
SOYBEAN MEAL Futures:
The SOYBEAN MEAL large speculator standing this week resulted in a net position of 80,754 contracts in the data reported through Tuesday. This was a weekly decrease of -1,153 contracts from the previous week which had a total of 81,907 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 72.4 percent. The commercials are Bearish with a score of 26.1 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 81.4 percent.
| SOYBEAN MEAL Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 28.7 | 44.2 | 13.2 |
| – Percent of Open Interest Shorts: | 6.9 | 73.7 | 5.5 |
| – Net Position: | 80,754 | -109,384 | 28,630 |
| – Gross Longs: | 106,453 | 163,966 | 48,928 |
| – Gross Shorts: | 25,699 | 273,350 | 20,298 |
| – Long to Short Ratio: | 4.1 to 1 | 0.6 to 1 | 2.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 72.4 | 26.1 | 81.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -23.4 | 23.7 | -17.4 |
LIVE CATTLE Futures:
The LIVE CATTLE large speculator standing this week resulted in a net position of 19,540 contracts in the data reported through Tuesday. This was a weekly decrease of -3,207 contracts from the previous week which had a total of 22,747 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 3.9 percent. The commercials are Bullish-Extreme with a score of 87.9 percent and the small traders (not shown in chart) are Bullish with a score of 78.4 percent.
| LIVE CATTLE Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 34.2 | 40.6 | 11.6 |
| – Percent of Open Interest Shorts: | 27.7 | 46.8 | 11.9 |
| – Net Position: | 19,540 | -18,566 | -974 |
| – Gross Longs: | 102,315 | 121,350 | 34,613 |
| – Gross Shorts: | 82,775 | 139,916 | 35,587 |
| – Long to Short Ratio: | 1.2 to 1 | 0.9 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 3.9 | 87.9 | 78.4 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -43.9 | 37.4 | 26.6 |
LEAN HOGS Futures:
The LEAN HOGS large speculator standing this week resulted in a net position of 9,217 contracts in the data reported through Tuesday. This was a weekly rise of 1,859 contracts from the previous week which had a total of 7,358 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 16.8 percent. The commercials are Bullish-Extreme with a score of 90.9 percent and the small traders (not shown in chart) are Bullish with a score of 60.2 percent.
| LEAN HOGS Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 29.6 | 42.0 | 9.7 |
| – Percent of Open Interest Shorts: | 24.8 | 43.2 | 13.3 |
| – Net Position: | 9,217 | -2,209 | -7,008 |
| – Gross Longs: | 57,323 | 81,465 | 18,708 |
| – Gross Shorts: | 48,106 | 83,674 | 25,716 |
| – Long to Short Ratio: | 1.2 to 1 | 1.0 to 1 | 0.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 16.8 | 90.9 | 60.2 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -36.8 | 42.6 | -11.8 |
COTTON Futures:
The COTTON large speculator standing this week resulted in a net position of 70,684 contracts in the data reported through Tuesday. This was a weekly decline of -1,836 contracts from the previous week which had a total of 72,520 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 67.7 percent. The commercials are Bearish with a score of 30.7 percent and the small traders (not shown in chart) are Bullish with a score of 76.7 percent.
| COTTON Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 40.5 | 37.9 | 8.1 |
| – Percent of Open Interest Shorts: | 7.2 | 76.0 | 3.3 |
| – Net Position: | 70,684 | -80,864 | 10,180 |
| – Gross Longs: | 85,974 | 80,446 | 17,230 |
| – Gross Shorts: | 15,290 | 161,310 | 7,050 |
| – Long to Short Ratio: | 5.6 to 1 | 0.5 to 1 | 2.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 67.7 | 30.7 | 76.7 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -9.2 | 10.1 | -17.8 |
COCOA Futures:
The COCOA large speculator standing this week resulted in a net position of 10,153 contracts in the data reported through Tuesday. This was a weekly boost of 1,570 contracts from the previous week which had a total of 8,583 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 27.6 percent. The commercials are Bullish with a score of 72.0 percent and the small traders (not shown in chart) are Bearish with a score of 38.2 percent.
| COCOA Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 30.4 | 43.0 | 5.5 |
| – Percent of Open Interest Shorts: | 27.1 | 47.7 | 4.2 |
| – Net Position: | 10,153 | -14,322 | 4,169 |
| – Gross Longs: | 92,946 | 131,539 | 16,931 |
| – Gross Shorts: | 82,793 | 145,861 | 12,762 |
| – Long to Short Ratio: | 1.1 to 1 | 0.9 to 1 | 1.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 27.6 | 72.0 | 38.2 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -25.7 | 28.0 | -25.8 |
WHEAT Futures:
The WHEAT large speculator standing this week resulted in a net position of 22,309 contracts in the data reported through Tuesday. This was a weekly decline of -4,035 contracts from the previous week which had a total of 26,344 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 48.1 percent. The commercials are Bearish with a score of 33.1 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 91.4 percent.
| WHEAT Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 34.4 | 35.5 | 9.9 |
| – Percent of Open Interest Shorts: | 27.7 | 41.1 | 11.0 |
| – Net Position: | 22,309 | -18,647 | -3,662 |
| – Gross Longs: | 113,964 | 117,565 | 32,778 |
| – Gross Shorts: | 91,655 | 136,212 | 36,440 |
| – Long to Short Ratio: | 1.2 to 1 | 0.9 to 1 | 0.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 48.1 | 33.1 | 91.4 |
| – Strength Index Reading (3 Year Range): | Bearish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -1.2 | 2.5 | -4.4 |
Article By InvestMacro – Receive our weekly COT Reports by Email
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.
The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting).See CFTC criteria here.
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